TRADE TALKS IN FULL SWING

FTAS & CETAS | Negotiations with US, NZ, Oman, Peru and Chile in progress

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India is negotiating free trade agreements (FTAs) with a number of countries including the US, New Zealand, Oman, Peru, Chile, and the European Union, Commerce and Industry Minister Piyush Goyal said on Monday.

The FTA with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, 2025.

He said developed nations are keen to sign FTAs with India, which has already concluded such agreements with the UAE, Australia and the UK.

India's foreign exchange reserves have reached $700 billion.

"Qatar and Bahrain, he said, are also keen to negotiate trade pacts with India. In August, India and the Eurasian Economic Union (EAEU) comprising Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia signed Terms of Reference (TOR) to launch negotiations on an FTA," he said at UP International Trade Show, Greater Noida.